Inflation in Colombia reaches highest level in the last 23 years at 10.8%

Inflation in Colombia registered a rise of 1.02% in August and reached a level of 10.8% during the last 12 months, the highest figure in the last 23 years, reported the National Administrative Department of Statistics (Dane).

“In August 2022, the monthly variation of the Consumer Price Index [CPI] was 1.02% and the annual variation was 10.84%. These are levels that we had not seen since April 1999,” Julieth Solano, deputy director in charge of the Dane, said at a press conference.

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The entity explained that the prices of food (1.85%), and rents and public services (0.76%) were the ones that rose the most in August.

The greatest price increases were recorded for onions (11.70%), arracacha (celery root), yams and other tubers (11.30%), and sugar and other sweeteners (6.84%).

“Fresh fruits and onions are the food subclasses that most contributed to the growth of inflation during August,” added Solano.

The official added that the prices of public services, such as electricity, gas and water, increased due to the possibility that the generating companies have by law of transferring the increase in their costs to the rates for consumers.